5726.52
Tax credit for historic building rehabilitation.

Article 5. Tax Credits

(A) As used in this section, "certificate owner" has the
same meaning as in section
149.311 of the Revised Code.

(B) A
taxpayer may claim a refundable credit against the tax imposed by this chapter
for each person included in the annual report of a taxpayer that is a
certificate owner of a rehabilitation tax credit certificate issued under
section 149.311 of the Revised Code. The
credit shall equal twenty-five per cent of the dollar amount indicated on each
certificate, but shall not exceed five million dollars for each
certificate.

The credit shall be claimed for the calendar year
specified in the certificate and in the order required under section
5726.98 of the Revised Code. If
the credit exceeds the amount of tax otherwise due in that year, the excess
shall be refunded to the taxpayer, provided that, if any amount of the credit
is refunded, the sum of the amount refunded and the amount applied to reduce
the tax otherwise due in that year shall not exceed three million dollars. The
taxpayer may carry forward any balance of the credit in excess of the amount
claimed in that year for not more than five ensuing years, and shall deduct any
amount claimed in any such year from the amount claimed in an ensuing year. A
taxpayer may claim against the tax imposed by this chapter any unused portion
of the credit authorized under section
5725.151 of the Revised Code, but
only to the extent of the five-year carry forward period authorized by that
section.

(C) A
taxpayer claiming a credit under this section shall retain the rehabilitation
tax credit certificate for four years following the end of the year to which
the credit was applied, and shall make the certificate available for inspection
by the tax commissioner upon the request of the commissioner during that
period.